America's Reawakening Entrepreneurship Spirit
Prior to WWI and WWII America's economy was primarily driven by Entrepreneurship and agrarian lifestyles. That spirit was channeled into institutional schools and manufacturing efforts for the war efforts. This system is not only showing its age but breaking down as the US labor participation rate hit generational lows (105 million Americans are not working) recently as the 'No Hire, No Fire' economy drags on. American's of all ages are discovering their own desires and diving into entrepreneurship instead of relying upon the 'go to school and get a job mentality'.
A grand look at Entrepreneurship is SpaceX, the dream of populating space. This requires vision, planning, testing, execution etc. However, a real economy is full of lots of entrepreneurs filling all those gaps not just a cog in the 'factory' wheel.
Is this a normal phase in the fourth turning or something more meaningful? Are you caught in the No Hire, No Fire economy and thinking about starting your own enterprise?
Entrepreneurship Characteristics:
- Workers are paid to show up and work, entrepreneurs are not paid until the product ships!
- The average age for starting a business is 42
- Social Media is at the center of all new successful entrepreneurship efforts
- They are not afraid of failure
- Filling a niche or building a new system!
- They can watch their account hit zero, still pay their team(s) first, eat last, sleep last and call it a Tuesday.
- Only 2% ever reach $1 million / year
- Only 0.04% reach $10 million / year
- Only 0.05% reach $50 million / year
Entrepreneurship Skills
- Raising capital to scale and continue to scale
- Hiring and firing of talent at all levels
- Varied skills are paramount across all aspects of entrepreneurship - finance, AP/AR, R&D
- Startup stress and illness and recovery!
- All while thinking about the exit sale of their labor of love.
Summary
Only an entrepreneur can work 16 hours, make $0. And still believe tomorrow is the day! There is not one correct way to start a business it might take 7-years or a diagram on a napkin. The goal is to start before the system takes you out!
Credits - Blog image - Unsplash = All RIGHTS REMAIN!
